The Canadian dollar just hit an 11-year low

The Canadian dollar just fell to $1.40 against the US dollar for the first time since 2004.

Early Friday the Canadian dollar — commonly known as the loonie — pipped $1.40 briefly, marking a new low for a currency that has depreciated all year.

The loonie has weighed down by the decline in the price of oil, which on Friday morning was making new lows as West Texas Intermediate crude oil, the US benchmark, fell to as low as $34.52 a barrel.

Brent crude, the international benchmark, was down to as low as $36.65.

Here’s the latest low in the loonie.

NOW WATCH: JIM CRAMER: These are the best and worst stocks for 2016

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at